STEVENSON, Md., March 26, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Virginia on behalf of purchasers of Star Scientific, Inc. ("Star Scientific" or the "Company") (Nasdaq:STSI) common stock during the period between October 31, 2011 and March 18, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Star Scientific, Inc. common stock purchased on or after October 31, 2011, and held through March 18, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 24, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that, since 2006, Star Scientific engaged in potentially illegal transactions involving certain private placements and related party transactions involving Company securities. According to the Complaint, following a January 23, 2013 article published by TheStreet alleging, among other things, that the Company misled investors about John Hopkins University's involvement in Star Scientific's clinical testing of its retail nutritional supplement Anatabine, and following the Company's March 18, 2013 disclosure that it had received subpoenas from the U.S. Attorney's office for information regarding transactions in the Company's securities back to 2006 and that the Company was also conducting an internal investigation, the value of Star Scientific shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation